Adam Neumann Wounded WeWork, an Office Market Bust Finished It Off.

Keywords: leder; wsj-usnews; Real Estate Services/Transactions; Office Real Estate; Commercial/Industrial Real Estate; Real Estate/Construction; Real Estate; North America; United States; Bankruptcy EN leder wsj-usnews Real Estate Services/Transactions Office Real Estate Commercial/Industrial Real Estate Real Estate/Construction Real Estate North America United States Bankruptcy N.PAG N.PAG 1 11/06/23 20231103 NES 231103 Once the country's most-valuable startup, the flexible-workspace company is expected to file for bankruptcy WeWork rode the wave of the venture-capital frenzy, building a global real-estate empire worth more than any other U.S. startup before buckling and laying off thousands when funding ran dry under its turbulent co-founder and former chief executive Adam Neumann. Advertisement Needing more money, WeWork listed publicly through a merger with a special-purpose acquisition company in October 2021, raising $1.3 billion from new big-name backers including real-estate investor Barry Sternlicht's Starwood Capital and top venture-capital firm Insight Partners. WeWork had bet big on subletting entire floors and other larger offices to companies, rather than primarily to smaller firms and individuals that were its first customers. [Extracted from the article]